Hi all,
My Statutory PF is duducting Rs.1026 (12% on my basic). My employer is depositing the same amt..Deduction has been started from my April-2007 salary. My tentative retirement date is 03.01.2029.
Could any one please tell me what amt. (approx.) I will get from Provident Fund & Pension Scheme on the basis of my present deduction. If I want to take pension till my death what would be the amoumt. Will my wife get pension after my death? If yes, then how much?
Awaiting for a favourable reply
From Canada, Ottawa
Acknowledge(0)
Amend(0)
2My Statutory PF is duducting Rs.1026 (12% on my basic). My employer is depositing the same amt..Deduction has been started from my April-2007 salary. My tentative retirement date is 03.01.2029.
Could any one please tell me what amt. (approx.) I will get from Provident Fund & Pension Scheme on the basis of my present deduction. If I want to take pension till my death what would be the amoumt. Will my wife get pension after my death? If yes, then how much?
Awaiting for a favourable reply
From Canada, Ottawa
Acknowledge(0)Amend(0)
Regarding the PF amount, it is not easy to reply. In the case of pension, I shall furnish some details.
For pensionable service, there is a formula to calculate pension: Pensionable Salary x Pensionable Service / 70. Pensionable salary can be categorized into 3 groups: 1) Below Rs. 6500. 2) Rs. 6500 & above, but contribution on the statutory ceiling of Rs. 6500. 3) Above Rs. 6500 & opted to contribute on actual salary. In the case of the 2nd group, pensionable salary is Rs. 6500. In the other two cases, pensionable salary will be the average of the last twelve months. Additionally, if pensionable service is 20 years & above, a 2-year bonus will be given.
For details, please visit the website: [EPFO](http://epfindia.com) [*link updated to site home*]
From your details, it is learned that your salary is Rs. 8550, as 12% (Rs. 1026) is deducted for EPF. If you have not opted for a pension beyond Rs. 6500, it will be limited to 6500.
Your service - 22 years
Pensionable Service with bonus - 22+2=24
Pension = 24 x 6500 / 70 = 2229
Note that the calculation is based on the ceiling limit of Rs. 6500. If the salary is increased, the pensionable amount will also be enhanced proportionately.
After the member's death, the spouse will receive 50% of the pensionable amount until their death or remarriage. Additionally, two children will each receive 25% of the widow/widower pension until the age of 25. When the widow/widower pension is stopped, the child pension will become an orphan pension, resulting in 3 times the original child pension.
I will insert an Excel worksheet to calculate the pension. Please enter Date of Birth, Date of Joining, Date of Separation from Service, Salary on 16.11.95, Salary on Separation from Service (in compliance with the contribution to the pension fund), and any breaks in service before and after 16.11.95, if any, in the green color column. The results will appear in the yellow color column. The red color is for static information.
In case of any errors or suggestions, please notify me.
ABBAS.P.S
Secretary,
ITI Employees' Association,
ITI LTD, PALAKKAD - 678 623,
KERALA, INDIA.
Ph. +91 9447 467 667
From India, Bangalore
Acknowledge(0)Amend(0)
For pensionable service, there is a formula to calculate pension: Pensionable Salary x Pensionable Service / 70. Pensionable salary can be categorized into 3 groups: 1) Below Rs. 6500. 2) Rs. 6500 & above, but contribution on the statutory ceiling of Rs. 6500. 3) Above Rs. 6500 & opted to contribute on actual salary. In the case of the 2nd group, pensionable salary is Rs. 6500. In the other two cases, pensionable salary will be the average of the last twelve months. Additionally, if pensionable service is 20 years & above, a 2-year bonus will be given.
For details, please visit the website: [EPFO](http://epfindia.com) [*link updated to site home*]
From your details, it is learned that your salary is Rs. 8550, as 12% (Rs. 1026) is deducted for EPF. If you have not opted for a pension beyond Rs. 6500, it will be limited to 6500.
Your service - 22 years
Pensionable Service with bonus - 22+2=24
Pension = 24 x 6500 / 70 = 2229
Note that the calculation is based on the ceiling limit of Rs. 6500. If the salary is increased, the pensionable amount will also be enhanced proportionately.
After the member's death, the spouse will receive 50% of the pensionable amount until their death or remarriage. Additionally, two children will each receive 25% of the widow/widower pension until the age of 25. When the widow/widower pension is stopped, the child pension will become an orphan pension, resulting in 3 times the original child pension.
I will insert an Excel worksheet to calculate the pension. Please enter Date of Birth, Date of Joining, Date of Separation from Service, Salary on 16.11.95, Salary on Separation from Service (in compliance with the contribution to the pension fund), and any breaks in service before and after 16.11.95, if any, in the green color column. The results will appear in the yellow color column. The red color is for static information.
In case of any errors or suggestions, please notify me.
ABBAS.P.S
Secretary,
ITI Employees' Association,
ITI LTD, PALAKKAD - 678 623,
KERALA, INDIA.
Ph. +91 9447 467 667
From India, Bangalore
Acknowledge(0)Amend(0)Looking for something specific? - Join & Be Part Of Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.